Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-04-24
THR RICHMOND DIsPATCH--.sUNDAY. APRIL a. 1887.
nicipaI and corporate alone at s35, OOO,.


This addition to the burdens placed
upon the industry a the world-its
only source Of wealth-is well-nigh I'M
bcarable.
Who are the benefciaries /? list. The
creditor classes. I'd. Those with fixed
incomes from salaries and pensions.
Can we safely adopt the only
remedy?
Those interested say we CANNOT
They say. and this was the whole
burden OF the argument in the
Debates in Congress during the
first session of the Forty-ninth
Congress on the part of those
opposed to free coinage, that it makes
our country "the dumping-ground OF
silver" for the world. The same pro-
rlecy was made when the Bland-Alli-
son act was passed, yet since that act
wss passed this country has been con-
s.sntly adding to its gold supply.
Now, it is clearly demonstrable that
she first effect OF any great nation open
ing it's mints to the free and unlimited
coinage Of silver would be to place sill
vcr at par with coined silver. During
lie sixth decade nearly four times as
much gold was mined as OF silver Its
value was held at par with coin by Bri-
tish law. (Sce Chambers's Encyclo-
u0dia, title Bank of Englend) 1t
operated just as our resumption act
aid. No enc had to take greenbacks
to cur Treasury, and no one had
TO take gold to the Bank OF
England. Law provided for the pur-
chase of all gold offered at its coin
value, IS lis. 90. per ounce.
The American dollar il worth, as
compared with gold, from to 3 per
cont. more than European silver coins
Before our civil war our silver dollars
were drawn from us by that law of trade
Which causes money to flow to the
POINTS where it is worth the most.
American free coinage would, its adj
vccates claim. place silver at par with
cur coin. To support this claim We
show that there is no stock of uncoined
silver in market anywhere, excepting
the current production. OF the cur
rent production of 1885 India alone im
rcrted $50, co., 600.
We point to the statement of high
British authority, on page 70 OF the
Reports of Monetary Commission"
heretofore referred to. showing that
tie genoraluse oft (silyer) wouldrequire
an additional amount of G400, 900, 900
(S2,O00,000, 000). This estimate was on
iasis ofpopulation assumed then 1883
to lie $50, 000,00 now known to be
257, GOO, coo, and upon an amount per
carita equal to that employed in Great
litain." Other high British authority
asserts that india's capacity for alb
soIbing silver remains great. Colo
ncl Hyde's testimony before the British
Commission. Colonel Hyde was direc-
tor of the Calcutta mint fourteen
yems.) Authorities can be multi
JliCd indefinitely to show that the
natural demand for silver is greater
tiap the supply, and yet we have the
astounding result of forced decllna-
tion in the price Of silver, brought
al ont 10y the great creditors of Europe,
who have already such a grip upon the
nations that they can dictate peace or
vcr. With all the conditions but one
a,cring tide of prosperity unequal
I'd. we have instead n condition of
dubt and anxiety: hard times, i'll fact,
aIc fclt by the producers Of wealth the
void over. That one condition want
ing IS a return of confidence in values.
The restoration of silver will supply
Il want.
While unpatriotic Americans have
Econ denOuncing the dollar of silver
tic same in the want of fine silver as
when Washington approved it-as a
"lu2zard " dollar, we have seen such
imUortant bodies as the British and Co
louial Board Of Trade discuss the sub
ioci, ard by vote of % to 10 recon-
rcnd the reconciliation OF silver at
their meeting last July
Professor Lavelcyc, of the session OF
the Belgian Monetary Commission,
1872. said
Debtors have the right to pay in
gold or SILVER, and this right cannot be
tak,n away without disturbing the re-
laiicn of debtors and creditors to the
IRE .udice Of debtors to the extent of
pcr' ops one half-cerIainly one third. "
10 increase all debts at blow is
measure so violent, so revolutionary,
tEat l cannot believe that the Govern
neut will propose it, or that the cham
Ter will pass it..
j. not the above like prophesy of
what we have had and are having?
1t is high time that the business
men of this country should realize the
tue condition Of the agricultural inter
cats as they are row. Every intelli-
gent person knows that there can be no
general prosperity with this vital inter
est 50 depressed. j. W. PORTER.
farloHcSUiUc, w., April II, 1887.